Taking Stock

Create a home inventory of valuables, just in case

Making a Record of your Valuables

NAIC suggests these steps to complete a home inventory:

Make a list of possessions, including “celebration” purchases such as jewelry and fine art.
Include collections and furniture and items related to everyday leisure time, from flat-screen televisions to custom guitars.
Take note of commonplace items such as toys, CDs and clothing. Do not forget items you may only use occasionally such as holiday decorations, sports equipment, tools and high-ticket items kept outside your home such as landscape art and swing sets.
Attach copies of original sales receipts and/or appraisal documents to your inventory. Note model and serial numbers.
Group your possessions into logical categories, i.e., by hobby, by room in your home.
Carefully photograph or videotape each item and document a brief description including age, purchase price and estimated current value.
Remember to open drawers and closets to document what’s inside.

Store your home inventory and related documents in a safe, easily accessible place such as a secured site/file online, a fire-proof box or in a safe deposit box. You may want to share a copy with your insurance provider for necessary updates to your coverage.

June marks the beginning of hurricane season, which continues until the end of November. With hurricanes comes the potential for damage and insurance claims. According to the National Association of Insurance Commissioners (NAIC), it’s important to have an inventory of valuable belongings in case you ever do need
to file an insurance claim.

Farmers Insurance agent Barry Carson points out that during a tragedy, people don’t always think clearly and can forget previous possessions that were destroyed. A record complete with pictures, receipts and other information can be invaluable, he says.

The simplest way is to take photos with your phone or videotape from room to room. However, apps can organize your inventory and help you record relevant information. NAIC’s mobile MyHome app allows people to quickly capture images and descriptions of belongings, to help determine how much insurance is needed and assist in the event of a claim. The free app is for iPads and iPhones only. Liberty Mutual’s free

Our Home Gallery app works for Android devices as well as iPhones and iPads. It also helps you catalog your belongings and is available whether you are a Liberty Mutual customer or not. You can download it at play.google.com; both apps are available at itunes.apple.com.

Insurance agents recommend keeping careful records of jewelry and fine art, as well as family heirlooms. Copies of original sales receipts and appraisals also are helpful. When you create a record of your valuables, Carson suggested thinking carefully about where to store that information.

“You don’t want it on your computer that may be in the house, because it may be gone, stolen or a total loss,” he says. “So, you want to make sure it’s backed up somewhere offsite. A lot of insurance companies will even upload the photos into the policy, to secure those in the cloud as well for their clients.

Nearly half of all Americans do not have a home inventory, according to the NAIC, which Carson said puts them at risk for inadequate coverage if those valuables ever need to be replaced.